Bitcoin ETFs Flip the Script on Gold!

K33 Research reported that Bitcoin ETFs flipped gold funds in AUM on Dec 16.

Author

Danielle du Toit
December 18, 2024

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Here's what we've got for you today:

  • Bitcoin ETFs Flip Gold Funds in AUM: K33 Research

  • MicroStrategy Nears $100B Market Cap as Bitcoin Strategy Pays Off

  • Crypto.com Drops SEC Lawsuit After Meeting with Trump

  • PENGU Falls 55% Hours After Airdrop as Meme Coins Tank Across the Board

On Dec. 16, US spot and derivative Bitcoin ETFs collectively broke $129 billion in net assets, which allowed it to surpass gold ETFs for the first time.

  • Bitcoin ETFs, including spot, futures, and leveraged funds, surpassed gold ETFs in assets under management (AUM), with $130 billion compared to $128 billion.

  • According to ETF analyst Eric Balchunas, spot ETFs alone stand at $120 billion in AUM, trailing only slightly behind gold.

  • Balchunas called this achievement ‘unreal,’ especially when considering that spot Bitcoin ETFs only launched 11 months ago.

MicroStrategy’s Bitcoin holdings propelled its stock price by 546% in 2024, bringing its market cap close to $100 billion.

  • MicroStrategy accumulated 249,850 BTC this year alone, bringing its total Bitcoin reserves to 439,000 BTC.

  • The company’s market capitalization is growing closer to $100 billion. At slightly higher Bitcoin prices, MicroStrategy could surpass major American brands like Starbucks and Nike.

  • MicroStrategy’s Bitcoin-focused strategy makes its market cap very sensitive to Bitcoin price movements. With every $1,000 change in BTC’s price, it impacts its valuation by approximately $440 million.

President-elect Donald Trump met with Crypto.com CEO Kris Marszalek to discuss crypto policies, including a national Bitcoin reserve.

  • Crypto.com CEO Kris Marszalek met with Donald Trump in Florida to discuss a national Bitcoin reserve and potential crypto-friendly administration appointments.

  • On the same day as the meeting, Crypto.com voluntarily dismissed its lawsuit against the SEC, which was originally filed in response to a Wells notice.

  • A spokesperson stated that withdrawing the lawsuit shows that Crypto.com is more than willing to work with the incoming administration.

🐧 PENGU Falls 55% Hours After Airdrop as Meme Coins Tank Across the Board

PENGU initially surged to $0.068 before falling to $0.031 thanks to heavy selling pressure from top holders.

  • Pudgy Penguin's PENGU token launched on the Solana blockchain with a massive airdrop but lost over 54% of its value in just 24 hours.

  • Top meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE, also saw large losses during the same time.

  • To make things worse, Pudgy Penguins NFTs also faced selling pressure, which caused their floor price to fall from 33 ETH to 17 ETH as the airdrop's decreasing value impacted holder sentiment.

👀 QUICK NEWS

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